Bybit Joins Forces with Gift of the Givers to Support Eastern Cape Flood Relief Efforts

In a significant humanitarian move, Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced a partnership with the Gift of the Givers Foundation to aid communities affected by severe flooding in South Africa's Eastern Cape province. The initiative aims to support recovery efforts following catastrophic floods that have caused substantial casualties and displacement. Wilson Ogheneovo, Bybit's Head of Africa, emphasized the company's commitment to leveraging its resources for impactful social good. This collaboration underscores the growing role of cryptocurrency platforms in addressing global humanitarian crises.

Bybit Partners with Gift of the Givers to Aid Eastern Cape Flood Victims

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has pledged humanitarian support for communities devastated by severe flooding in South Africa's Eastern Cape province. The initiative, conducted in collaboration with Gift of the Givers Foundation, targets recovery efforts after catastrophic floods caused significant casualties and displacement.

Wilson Ogheneovo, Bybit's Head of Africa, emphasized the exchange's commitment to social responsibility: "We stand with those affected and aim to restore dignity through meaningful relief contributions." The Eastern Cape faces immense challenges, with critical infrastructure damaged and services disrupted since torrential rains began on June 9, 2025.

Bitcoin Price Nears $118K Amid Warning Signs of Potential Correction

Bitcoin briefly touched $118,393 today, testing a key Fibonacci resistance level. The rally comes with caveats: on-chain metrics suggest growing profit-taking behavior that historically precedes pullbacks.

The Spent Output Profit Ratio (SOPR) shows accelerated selling by holders in profit. This pattern last appeared in May before a multi-thousand dollar retracement. Separately, Bybit saw $200 million in short liquidations within minutes—a sign of overheated bearish bets being unwound violently.